Govt. mulls raising pension limit to up to ₹10,000/month under APY


PTI

Write Comment     |     E-Mail To a Friend     |     Facebook     |     Twitter     |     Print


 PFRDA Chairman Hemant G. Contractor said the proposal has been sent to the Finance Ministry with an aim to increase the subscriber base of APY

The government is considering a proposal to raise the pension limit under Atal Pension Yojana (APY) to up to ₹10,000 per month from the existing slab of up to ₹5,000, a top official said on Tuesday.

There is a need to increase the value of pension under APY, Madnesh Kumar Mishra, Joint Secretary, Department of Financial Services (DFS), said at a conference organised by the Pension Fund Regulatory and Development Authority (PFRDA).

“We have seen the proposal [sent by PFRDA] of increasing the pension value to [up to] ₹10,000 per month and it is under our active examination,” Mr. Mishra said on the sidelines of the event.

PFRDA Chairman Hemant G. Contractor said the proposal has been sent to the Finance Ministry with an aim to increase the subscriber base of APY.

“Currently, we have five slabs of pension from ₹1,000-5000 per month. There have been a lot of feedback from the market asking for higher pension amounts because many people feel that ₹5,000 at the age of 60 years, 20-30 years from now, will not be sufficient.

“We have placed this proposal with the government that it should be increased to up to ₹10,000,” Mr. Contractor said.

The PFRDA has sent two more proposals to the Ministry — auto enrolment for APY and raising the maximum age bar to enter the scheme to up to 50 years.

Currently, the age of entering APY is from 18-40 years but an increase in the same by another 10 years — from 18-50 years — will help in expanding the subscriber base, he added. The subscriber base of APY is 1.02 crore.

The PFRDA added about 50 lakh new subscribers under the scheme in 2017-18 and hopes to add another 60-70 lakh in the ongoing financial year, Mr. Contractor said.

Write your Comments on this Article
Your Name
Native Place / Place of Residence
Your E-mail
Your Comment   You have characters left.
Security Validation
Enter the characters in the image above
    
Disclaimer: Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. Kemmannu.com will not be responsible for any defamatory message posted under this article.
Please note that under 66A of the IT Act, sending offensive or menacing messages through electronic communication service and sending false messages to cheat, mislead or deceive people or to cause annoyance to them is punishable. It is obligatory on kemmannu.com to provide the IP address and other details of senders of such comments, to the authority concerned upon request. Hence, sending offensive comments using kemmannu.com will be purely at your own risk, and in no way will Kemmannu.com be held responsible.
Similarly, Kemmannu.com reserves the right to edit / block / delete the messages without notice any content received from readers.




Watch Full Video:Inauguration Udupi of Diocese
View More

@ Rosario Grounds, Mangalore@ Rosario Grounds, Mangalore
Photo Album:

Ronald Andrade (67), laid to Rest.
Comments:

Obituary: Ronald Andrade (67), Kambla Thota, Kemmannu
Rozarich Gaanch September- 2018Rozarich Gaanch September- 2018
Flat For Sale in BrahmavarFlat For Sale in Brahmavar
Milarchi-Lara-September-2018Milarchi-Lara-September-2018
Welcome to Thonse Naturecure HospitalWelcome to Thonse Naturecure Hospital
Santhosh Villa short film by youth of Udupi Parish and ICYM.Santhosh Villa short film by youth of Udupi Parish and ICYM.
Crossland College, Year book 2017-18Crossland College, Year book 2017-18
Watch Eye to Eye by Avila D’souzaWatch Eye to Eye by Avila D’souza
Delite Caterers and Delite Event ManagementDelite Caterers and Delite Event Management
An appeal to Kemmannu Parishioners, Friends and Well Wishers:

[Comments]

An appeal to Kemmannu Parishioners, Friends and Well Wishers:<P> <Center>[Comments]</P> </Center>
Read online Uzvaad:<font color=red> Read online Uzvaad</font color=red>:
For all your travel needs contact Sequeira TouristFor all your travel needs contact Sequeira Tourist
Power Care Services, MoodubellePower Care Services, Moodubelle
Read Online RaknnoRead Online Raknno
Kemmannu Platinum Jubilee Souvenir – Amruth KaanikKemmannu Platinum Jubilee Souvenir – Amruth Kaanik
Udupi TodayUdupi Today
St. Alphonsa of India